The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a request for information (RFI) seeking comments on ways to streamline, modernise and update the country’s anti-money laundering and counter financing of terrorism (AML/CFT) regime. As part of a… Read More ›
Better information sharing and collaboration is needed to combat trade-based money laundering (TBML) according to a substantial report released on Monday by the US Government Accountability Office (GAOs). Countering Illicit Finance and Trade concluded that TBML is one of the… Read More ›
The US will work with international partners as well as domestically to prevent, limit, and respond to corruption and related crimes in a significant overhaul of the way it targets public corruption that includes a clear focus on international trade… Read More ›
An extensive new report examining financial crime in Kenya provides details of several trade-based money laundering (TBML) vulnerabilities in the country’s natural resources sectors. It also demonstrates how trade and Kenyan banks play a part in the country’s role facilitating… Read More ›
Alleged financier to embattled Venezuelan President Nicolas Maduro, Alex Saab, has been charged in an indictment with laundering the proceeds of violations of the US’ Foreign Corrupt Practices Act (FCPA) in connection with a scheme to pay bribes to take… Read More ›
The Pandora Papers leak of almost 12 million documents revealing hidden wealth and tax avoidance by some of the world’s rich and powerful also underlines the apparent ease with which the trade in art and antiquities has been used to… Read More ›
Compliance costs for trade-based money laundering (TBML) have increased very significantly in the US and Canada in the two years to 2021 while the total projected cost of financial crime compliance in the region is up 58 per cent compared… Read More ›
The son of Mozambique’s ex-president and 18 others have gone on trial over a corruption scandal that allegedly used three state-owned companies to take on US$2 billion of debt in what has become known as the “hidden debt” affair. Extensive… Read More ›